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Growth Hacking

Growth hacking is establishing a smart process of continuous experimentation across marketing channels and product development to identify the most powerful, cost effective & efficient ways to grow a business.
It is a continuous process, that implements the best practices of the lean start-up methodology to the growth requirements of a company repeating and continuously testing until the best strategy that brings the growth is found.

 

Growth hackers often focus on low-cost alternatives to traditional marketing, e.g. using social media, viral marketing or targeted advertising instead of buying advertising through more traditional media such as radio, newspaper, and television.

Growth hacking is particularly prevalent with startups, when the goal is rapid growth in the early-stages of launching a new product or service to market.Growth hacking may focus on lowering cost per customer acquisition, or it may focus on long-term sustainability as Mason Pelt points out in a 2015 article on SiliconANGLE.com " The goal of any marketing should be long-term sustainable growth, not just a short-term gain. Growth hacking is about optimization as well as lead generation. Imagine your business is a bucket and your leads are water. You don't want to pour water into a leaky bucket; it's a waste of money. That's why a true growth hacker would care about customer retention."

Those who specialize in growth hacking use various types of marketing and product iterations to rapidly test persuasive copy, email marketing, SEO and viral strategies, among other tools and techniques, with a goal of increasing conversion rates and achieving rapid growth of the user base. It can also involve online community management and social media outreach or highly personalized outreach to news outlets to improve performance metrics such as driving customer acquisition and selling products. Some consider growth hacking a part of the online marketing ecosystem, as in many cases growth hackers are using techniques such as search engine optimization, website analytics, content marketingand A/B testing.

(Source from Wikipedia)